After 7 hikes, petrol price may be cut by Rs. 2 soon

Thanks to the appreciation of the rupee against the US dollar, oil minister Veerappa Moily on Friday indicated at a cut in petrol prices in the next few days.Oil firm sources said that prices could be cut by nearly Rs 2 a litre.

Thanks to the appreciation of the rupee against the US dollar, oil minister Veerappa Moily on Friday indicated at a cut in petrol prices in the next few days.
Oil firm sources said that prices could be cut by nearly Rs 2 a litre.

“This is all dynamic pricing… any advantage of price (reduction in international rates) and rupee (appreciation against US dollar) will be passed on to consumers,” Moily said.

The cut is likely to be announced by month’s end as per the practice of fortnightly revision in prices. Asked if this was possible by Sept 30, Moily said: “Hope so.”

If the cut happens it will be the first reduction in petrol rates since May, when prices were reduced by `3 a litre. Since then, petrol price in Delhi has surged by `13.06 per litre in seven hikes and currently costs `76.06 per litre.